AnswerChapter1.MoneyQuestionsfordiscussion(keypoint)Moneyisanyitemorverifiablerecordthatisgenerallyacceptedaspaymentforgoodsandservicesandrepaymentofdebtsinaparticularcountryorsocio-economiccontext.Cowrieshells,Whales’teeth,nickels,dimes，Jiaoziandsoon.BEIJING

—China'sconsumerpriceindex(CPI),amaingaugeofinflation,rose2.9percentyear-on-yearin2019,withingovernmenttargetof3percent,officialdatashowedonJan9.Thegrowthpickedupfrom2.8percentinthefirst11months,andwasabovethe2.1-percentannualincreasein2018,accordingtotheNationalBureauofStatistics.InDecember,theCPIclimbed4.5percentyear-on-year,unchangedfromthatinNovember.Thehikewasmainlydrivenbyfoodprices,whichsoared17.4percentyear-on-yearlastmonth,contributing3.43percentagepointstotheincreaseinDecember.Porkpricessurged97percentyear-on-yearinDecember,slowingfromthe110.2-percentgrowthseeninNovember.Pricesofotherkindsofproteinincludingbeef,muttonandpoultrysawslowergrowthlastmonth.Non-foodpricesgained1.3percentlastmonth,fasterthanthe1-percentgrowthinNovember,thebureausaid.TheCPIinurbanandruralareaspostedayear-on-yeargrowthof4.2percentand5.3percent,respectively.ThecoreCPI,whichexcludesfoodandenergyprices,tickedup1.4percentyear-on-yearinDecember,flatwiththatinNovember.ThedatareleasedonJan9alsoshowedthatChina'sproducerpriceindex,whichmeasurescostsforgoodsatthefactorygate,dropped0.3percentyear-on-yearin2019.M2,abroadmeasureofmoneysupplythatcoverscashincirculationandalldeposits,rose8.7percent.GovernorofthePeople'sBankofChinaYiGangattendsapressconferenceonthefinancialreformanddevelopmentforthesecondsessionofthe13thNationalPeople'sCongress(NPC)inBeijing,capitalofChina,March10,2019."Themonetarypolicywillbereasonableinthematteroftotalamount,nottooeasednortootightened,whichmeansthegrowthrateofM2moneysupplyorsocialfinancingwillbekeptataboutthesamelevelwiththegrowthrateoftheGDPoftheprivateeconomy,"saidthePBOCgovernor.Explainbyyourownreasons.Checkyourcomprehension.A2.B3.C4.D5.DClozeD2.A3.F4.B5.GTranslationsTranslatetheEnglishtoChineseInthedaysofthegoldstandard,thevolumeofmoneyandcreditincirculationwastiedtotheamountofgoldinacountry’svaults.在金本位時代，流通中的貨幣和信貸量與一個國家的金庫中的黃金數量是掛鉤的。(2)Centralbanksretaintherighttoexpandthevolumeofdomesticcredittokeeppacewiththegrowthofthehomeeconomy.中央銀行保留擴大國內信貸的權利，以跟上國內經濟增長的步伐。(3)Eventually,however,growthintheworld’seconomiestranslatesintoagrowingdemandfordollarassets.最后，世界經濟的增長轉化為對美元資產的需求增長。(4)Themoremoneycentralbanksprint,themoredollarstheyliketoholdinreservetounderpintheircurrency.中央銀行印出越多的美元，他們就喜歡持有越多的美元以鞏固其貨幣儲備。(5)Themorebusinessisdoneacrossborders,themoredollarstradersneedtocovertheirtransactions.跨越國業務越多的，交易員就需要越多的美元進行交易TranslatetheChineseintoEnglish(1)美元現在看起來脆弱不堪。Thedollarisnowlookingfragile.(2)美元幣值維持依靠的并不是美國出口的強勁，而是國外資本的大量流入。ThevalueofthedollarisnotdependentonstrongexportintheUnitedStates,butalargeinfluxofforeigncapital.(3)美國，一個資本如此富足的國家，竟然每天需要從國外輸入將近20億美元才能彌補經常項目的巨額赤字。Asacountrythatissorichincapitalendowment,UntiedStatesneedsinflow2billiondollarsadayabroadtocoveralargedeficitinthecurrentaccount.(4)大多數經濟學家認為，美國如此巨大的外貿赤字會很快抽干別國的儲蓄。MosteconomistsbelievethattheUnitedStatesissohugeforeigntradedeficitwillsoondrawthesavingsofothercountries.(6)一旦資本流入的來源枯竭，有人估計，美元將會貶值四分之一。Oncethesourceofcapitalinflowshasdriedup,itisestimatedthatthedollarvaluewillfallby1/4.Chapter2FinancialMarketQuestionsfordiscussion(keypoint)InChina,therearedifferentfunctionsthatthefinancialmarketsperformwhichincludesdeterminationofthepriceswherefinancialmarketshelpinpricediscoveryofvariousfinancialinstruments,mobilizationofthefunds,providinganopportunitytodifferentinvestorstobuyorselltheirrespectivefinancialinstrumentatthefairvaluethatisprevailinginmarket,providingthevarioustypesofinformationtotraders,andthesharingoftherisk,etc.Thecapitalmarketisafinancingmarketforlong-termfunds,andthecurrencymarketisashort-termfinancingmarket.1.DifferentfeaturesThecharacteristicsofthecapitalmarketare:thetradingfinancialinstrumentshavealongperiod;thetransactionismainlytomeetthedemandandsupplyoflong-terminvestmentfunds;theamountofcapitalborrowingandlendingislarge;themarkettradingtoolsareriskyandspeculative.Thecurrencymarketreferstoamarketthatusesfinancialinstrumentswithamaturityoflessthanoneyearasamediumforshort-termfinancing.Itischaracterizedbyashorttransactionperiodandrelativelylowrisk.2.Differentfunctions.Thecapitalmarketistoraisefundsandallocateresources.Thecurrencymarketadjustssurplusandshortageoffundstomeetshort-termfinancingneeds.3.Thesub-marketsaredifferent.Thebroadcapitalmarketincludestwoparts,oneisthebank'smediumandlong-termdepositandloanmarket,andtheotheristhesecuritiesmarket,includingthebondmarketandstockmarket;thenarrowcapitalmarketreferstothemarketforissuingandcirculatingstocks,bonds,fundsandothersecurities,Collectivelyreferredtoasthesecuritiesmarket.Thecurrencymarketismainlycomposedofsub-marketssuchasinter-banklending,commercialpaper,treasurybills,andrepurchaseagreements.Therearesimilaritiesbetweenoptionsandfutures.Botharebasicon-marketderivativesandbothhaveriskmanagementfunctions.However,optionsandfuturesarequitedifferentintermsoftherightsandobligationsofbuyersandsellers,thecharacteristicsofriskandreturn,themarginsystemandthenumberofcontracts.Rightsandobligations:Therightsandobligationsofbuyersandsellersofoptionsarenotequal,whiletherightsandobligationsofbuyersandsellersoffuturesareequal.Bothbuyersandsellersoffutureshaveassumedtheobligationtoperformthecontractandmustdeliverontheexpirydate.Foroptions,onlythesellerundertakestheobligationtoperformthecontract,andthebuyeronlyenjoystherightsbutnottheobligations.Bybuyingandsellingoptions,investorscanseparaterightsandobligationstoachievethepurposeofflexibleinvestmentandriskmanagement.Risk-returncharacteristics:Therisk-returncharacteristicsofoptionsandfuturesaredifferent.Thereturnofoptionsandthereturnoftheunderlyingassetarenon-linear,andthereisnofixedproportionalrelationshipbetweenthetwo;whilethereisafixedproportionalrelationshipbetweenthereturnoffuturesandthereturnoftheunderlyingasset.Marginsystem:Themarginsystemforoptionsandfuturesisdifferent.Inoptiontransactions,thesellerisobligedtopayadepositasaperformancebond,andthebuyeronlyenjoystheright,sothereisnoneedtopayadeposit.Bothbuyersandsellersoffuturesbeartheobligationtoperformthecontract,sobothpartiesneedtopayadeposit.Numberofcontracts:Thenumberofoptioncontractsismuchgreaterthanthatoffuturescontracts.Therearemultiplecontractsofcallandputoptionswithdifferentexercisepricesineachcontractmonthofoptions,whilethereisonlyonecontractineachcontractmonthoffutures.Uncertain.In\o"Economics"economicsand\o"Finance"finance,riskaversionisthebehaviorof\o"Human"humans(especially\o"Consumer"consumersand\o"Investor"investors),whenexposedto\o"Uncertainty"uncertainty,toattempttoreducethatuncertainty.Itisthereluctanceofapersontoacceptabargainwithanuncertainpayoffratherthananotherbargainwithamorecertain,butpossiblylower,\o"Expectedvalue"expectedpayoff.Forexample,arisk-averseinvestormightchoosetoputhisorhermoneyintoa\o"Bank"bankaccountwithalowbutguaranteedinterestrate,ratherthanintoa\o"Stock"stockthatmayhavehighexpectedreturns,butalsoinvolvesachanceoflosingvalue.Checkyourcomprehension.D2.D3.C4.C5.B6.D7.C8.BClozeB2.F3.D4.C5.GTranslation1.TranslateEnglishtoChinese（1）Chinaisinthetransitionfromaplannedeconomytomarketeconomicsystem,thereforeitseconomicdevelopmentdoesnotdisplayclearcyclesasthematuredeconomiesdo.中國正處于由計劃經濟向市場經濟體制轉變的過渡期，經濟發展并沒有明確表現為成熟的經濟周期。(2)Inthematuredmarketeconomies,duetotheobviouscyclesineconomicgrowth,theadjustmentofinterestratealsoshowaperiodicfeature,thatis,raisingtheinterestrateinoneperiodandcuttingtherateinanother.在成熟的市場經濟中，由于經濟增長周期明顯，利率的調整也表現出周期性的特征，即在一個時期內提高利率，另一時期則削減利率。(3)ThepatternofeconomiccyclesinChinaisnotyetthatstable,soit’snotappropriatetosaythatwehaveenteredacertainperiod.中國經濟周期的模式還沒有那么穩定，所以我們已經進入了一段確定性的時期這一說法是不恰當的。(4)Thecentralbank’sdecisiononraisingtheinterestratewillbebasedontheclosemonitoringofthechangingeconomicandfinancialsituation.中央銀行關于提高利率的決定，將基于對不斷變化的經濟和金融狀況的密切監測。(5)Withregardtothe“negativeinterestrate”,weshallunderstandthatinterestratepolicyisnotmeanttoensurethattherealinterestrateispositiveatanyparticularpointoftime.Instead,itdependsonvariousfactors.關于“負利率”，我們會明白，利率政策并不是為了確保實際利率在任何特定時間內都是正的。相反，它取決于各種因素。2.TranslateChinesetoEnglish(1)在貨幣供應總量大體適度的情況下，結構方面存在某些問題有一定的必然性。Inthecaseofthetotalamountofmoneysupply,therearesomecertainproblemsinthestructure.（2）在金融運行中，我們要求業界堅持區別對待，有保有壓的方針，特別是注重改善對小企業的信貸服務。Intheoperationofthefinancialsector,wehaverequiredtheindustrytoadheretotreatdifferetly,thereispressuretomaintainthepolicy,inparticular,tofocusonimprovingthecreditservicesforsmallbusinesses.（3）我們同時也要看到，市場在變化，企業的需求也在不斷的變化。Wewanttoseethatthemarketischanging,theneedsofenterprisesareconstantlychangingaswell.（4）中央銀行一方面要加強和改善信貸政策的窗口指導；另一方面，也要通過促進銀行自身改革來更好地解決結構問題。Ontheonehand,thecentralbankshouldstrengthenandimprovethewindowguidanceofcreditpolicy;Ontheotherhand,itisalsotobettersolvethestructuralproblemsbypromotingthereformofthebankitself.（5）目前一些地方和企業反映的資金緊張特別是流動資金緊張的問題，也與固定資產投資規模和庫存多大密切相關。Atpresent,somelocalandenterprisereflectthefinancialstrain,especiallytheshortageofliquidity,andalsocloselyrelatedtothesizeoffixedassetinvestmentandinventory.Chapter3.PolitiesandEconomicsQuestionsfordiscussion(keypoint)InChina,therearedifferentfunctionsthatthefinancialmarketsperformwhichincludesdeterminationofthepriceswherefinancialmarketshelpinpricediscoveryofvariousfinancialinstruments,mobilizationofthefunds,providinganopportunitytodifferentinvestorstobuyorselltheirrespectivefinancialinstrumentatthefairvaluethatisprevailinginmarket,providingthevarioustypesofinformationtotraders,andthesharingoftherisk,etc.Thecapitalmarketisafinancingmarketforlong-termfunds,andthecurrencymarketisashort-termfinancingmarket.1.DifferentfeaturesThecharacteristicsofthecapitalmarketare:thetradingfinancialinstrumentshavealongperiod;thetransactionismainlytomeetthedemandandsupplyoflong-terminvestmentfunds;theamountofcapitalborrowingandlendingislarge;themarkettradingtoolsareriskyandspeculative.Thecurrencymarketreferstoamarketthatusesfinancialinstrumentswithamaturityoflessthanoneyearasamediumforshort-termfinancing.Itischaracterizedbyashorttransactionperiodandrelativelylowrisk.2.Differentfunctions.Thecapitalmarketistoraisefundsandallocateresources.Thecurrencymarketadjustssurplusandshortageoffundstomeetshort-termfinancingneeds.3.Thesub-marketsaredifferent.Thebroadcapitalmarketincludestwoparts,oneisthebank'smediumandlong-termdepositandloanmarket,andtheotheristhesecuritiesmarket,includingthebondmarketandstockmarket;thenarrowcapitalmarketreferstothemarketforissuingandcirculatingstocks,bonds,fundsandothersecurities,Collectivelyreferredtoasthesecuritiesmarket.Thecurrencymarketismainlycomposedofsub-marketssuchasinter-banklending,commercialpaper,treasurybills,andrepurchaseagreements.Therearesimilaritiesbetweenoptionsandfutures.Botharebasicon-marketderivativesandbothhaveriskmanagementfunctions.However,optionsandfuturesarequitedifferentintermsoftherightsandobligationsofbuyersandsellers,thecharacteristicsofriskandreturn,themarginsystemandthenumberofcontracts.Rightsandobligations:Therightsandobligationsofbuyersandsellersofoptionsarenotequal,whiletherightsandobligationsofbuyersandsellersoffuturesareequal.Bothbuyersandsellersoffutureshaveassumedtheobligationtoperformthecontractandmustdeliverontheexpirydate.Foroptions,onlythesellerundertakestheobligationtoperformthecontract,andthebuyeronlyenjoystherightsbutnottheobligations.Bybuyingandsellingoptions,investorscanseparaterightsandobligationstoachievethepurposeofflexibleinvestmentandriskmanagement.Risk-returncharacteristics:Therisk-returncharacteristicsofoptionsandfuturesaredifferent.Thereturnofoptionsandthereturnoftheunderlyingassetarenon-linear,andthereisnofixedproportionalrelationshipbetweenthetwo;whilethereisafixedproportionalrelationshipbetweenthereturnoffuturesandthereturnoftheunderlyingasset.Marginsystem:Themarginsystemforoptionsandfuturesisdifferent.Inoptiontransactions,thesellerisobligedtopayadepositasaperformancebond,andthebuyeronlyenjoystheright,sothereisnoneedtopayadeposit.Bothbuyersandsellersoffuturesbeartheobligationtoperformthecontract,sobothpartiesneedtopayadeposit.Numberofcontracts:Thenumberofoptioncontractsismuchgreaterthanthatoffuturescontracts.Therearemultiplecontractsofcallandputoptionswithdifferentexercisepricesineachcontractmonthofoptions,whilethereisonlyonecontractineachcontractmonthoffutures.Uncertain.In\o"Economics"economicsand\o"Finance"finance,riskaversionisthebehaviorof\o"Human"humans(especially\o"Consumer"consumersand\o"Investor"investors),whenexposedto\o"Uncertainty"uncertainty,toattempttoreducethatuncertainty.Itisthereluctanceofapersontoacceptabargainwithanuncertainpayoffratherthananotherbargainwithamorecertain,butpossiblylower,\o"Expectedvalue"expectedpayoff.Forexample,arisk-averseinvestormightchoosetoputhisorhermoneyintoa\o"Bank"bankaccountwithalowbutguaranteedinterestrate,ratherthanintoa\o"Stock"stockthatmayhavehighexpectedreturns,butalsoinvolvesachanceoflosingvalue.Checkyourcomprehension.D2.D3.C4.C5.B6.D7.C8.BClozeB2.F3.D4.C5.GTranslation1.TranslateEnglishtoChinese（1）Chinaisinthetransitionfromaplannedeconomytomarketeconomicsystem,thereforeitseconomicdevelopmentdoesnotdisplayclearcyclesasthematuredeconomiesdo.中國正處于由計劃經濟向市場經濟體制轉變的過渡期，經濟發展并沒有明確表現為成熟的經濟周期。(2)Inthematuredmarketeconomies,duetotheobviouscyclesineconomicgrowth,theadjustmentofinterestratealsoshowaperiodicfeature,thatis,raisingtheinterestrateinoneperiodandcuttingtherateinanother.在成熟的市場經濟中，由于經濟增長周期明顯，利率的調整也表現出周期性的特征，即在一個時期內提高利率，另一時期則削減利率。(3)ThepatternofeconomiccyclesinChinaisnotyetthatstable,soit’snotappropriatetosaythatwehaveenteredacertainperiod.中國經濟周期的模式還沒有那么穩定，所以我們已經進入了一段確定性的時期這一說法是不恰當的。(4)Thecentralbank’sdecisiononraisingtheinterestratewillbebasedontheclosemonitoringofthechangingeconomicandfinancialsituation.中央銀行關于提高利率的決定，將基于對不斷變化的經濟和金融狀況的密切監測。(5)Withregardtothe“negativeinterestrate”,weshallunderstandthatinterestratepolicyisnotmeanttoensurethattherealinterestrateispositiveatanyparticularpointoftime.Instead,itdependsonvariousfactors.關于“負利率”，我們會明白，利率政策并不是為了確保實際利率在任何特定時間內都是正的。相反，它取決于各種因素。2.TranslateChinesetoEnglish(1)在貨幣供應總量大體適度的情況下，結構方面存在某些問題有一定的必然性。Inthecaseofthetotalamountofmoneysupply,therearesomecertainproblemsinthestructure.（2）在金融運行中，我們要求業界堅持區別對待，有保有壓的方針，特別是注重改善對小企業的信貸服務。Intheoperationofthefinancialsector,wehaverequiredtheindustrytoadheretotreatdifferetly,thereispressuretomaintainthepolicy,inparticular,tofocusonimprovingthecreditservicesforsmallbusinesses.（3）我們同時也要看到，市場在變化，企業的需求也在不斷的變化。Wewanttoseethatthemarketischanging,theneedsofenterprisesareconstantlychangingaswell.（4）中央銀行一方面要加強和改善信貸政策的窗口指導；另一方面，也要通過促進銀行自身改革來更好地解決結構問題。Ontheonehand,thecentralbankshouldstrengthenandimprovethewindowguidanceofcreditpolicy;Ontheotherhand,itisalsotobettersolvethestructuralproblemsbypromotingthereformofthebankitself.（5）目前一些地方和企業反映的資金緊張特別是流動資金緊張的問題，也與固定資產投資規模和庫存多大密切相關。Atpresent,somelocalandenterprisereflectthefinancialstrain,especiallytheshortageofliquidity,andalsocloselyrelatedtothesizeoffixedassetinvestmentandinventory.Chapter4CentralBank—PBCGivethenamesofthecentralbanksindifferentcountries日本：BankofJapan;加拿大：BankofCanada;美國：TheFederalReserveSystem;墨西哥：BankofMexico;法國：BankofFrance;德國：Bundesbank;英國：BankofEnglandII.TranslatethefollowingsentencesintoChinese1.每個建立起銀行體系的國家都有中央銀行。廣義上說，中央銀行起著銀行的作用。它就貨幣政策與政府保持聯系并提供建議，并確保采取必要的步驟來貫徹執行。2.中央銀行與商業銀行在許多方面有所不同:(1)他們的目標不是追求利潤最大化，而這是所有商業銀行的根本目標(中央銀行通常是國有化的機構);(2)對商業銀行具有監督作用;(3)能夠影響商業銀行和其他金融機構的行動，特別是在貸款方面;(4)控制紙幣和硬幣的發行;(5)他們不與商業銀行競爭業務，但他們通常擁有政府銀行賬戶;(6)它們是銀行體系的“最后貸款人”;(7)他們不為個人和工商企業客戶提供全面的銀行服務。3.在英國，中央銀行是英格蘭銀行;在美國，是聯邦儲備系統;在日本，是日本銀行。III.Cloze1.centralbank;2.macroeconomicmanagement;3.People’sBankofChina;4.monetarypolicy;5.administeringitscirculation;6.inter-banklendingmarket;7.financialstability;8.fiscalagent;9.money-laundering;10.financialstatisticsIV.Readingcomprehension1.C2.D3.B4.B5.DChapter5CommercialBanksMatchthewordsorphrasesintheleftcolumnwiththoseintheright.1-F2-G3-B4-D5-J6-I7-C8-A9-H10-EII.Cloze(1)D(2)E(3)C(4)A(5)B(6)FIII.Choosethebestanswer.1.C2.B3.B4.A5.CIV.TranslatethefollowingsentencesintoChinese營銷就是細分和創新。當銀行開始細分市場并為每個目標市場創新新產品時，它們發現了一種新的競爭工具。例如，花旗集團(Citicorp)如今向客戶提供500多種金融產品。金融服務很容易被復制，而且特定的優勢是短暫的。但如果同一家銀行投資于持續創新，它就能保持領先于其他銀行。營銷是定位。當所有銀行都做廣告、微笑并創新時會發生什么?他們被迫尋找新的競爭基礎。他們開始意識到，沒有哪家銀行可以提供所有的產品，成為所有客戶最好的銀行。銀行必須審視自己的機會，并“定位”。定位更重要。形象塑造銀行力求在客戶心目中樹立一個大型、友好、高效的銀行形象。它通常會以一個符號，如獅子或袋鼠，以一種獨特的方式來突出它的個性。營銷就是市場分析、計劃和控制。銀行營銷有一個更高的概念。問題在于，銀行是否建立了有效的營銷分析、計劃、實施和控制系統。V.Questionsfordiscussion1.Bankisaspecialfinancialenterprise,whichpursuesprofitmaximizationonthepremiseofensuringsafeoperationandliquidity.2.Many.CEB--ChinaEverbrightBankCMB--ChinaMerchantBankCHINACITICBANK3.TraditionalbanksneedtoactivelychangetheirmanagementthinkingtoadapttothedevelopmentofTheTimes;Paymoreattentiontocustomerexperienceandfocusoncustomerneeds;Expandthecategoriesofbankingproductsandservicestoobtaindiversifiedincome;Fromthetraditionalfinancialserviceincometoplatformserviceincometransformation.Chapter6SupervisionofBankingI.Choosethebestanswer1.D2.A3.A4.B5.DII.JustifythefollowingsentencesTRUEorFALSE1.T2.T3.F4.F5.TIII.Cloze1.A2.B3.B4.C5.CIV.Readingcomprehension1.C2.A3.B4.C5.DV.TranslatethefollowingsentencesintoChinese1.商業銀行發放貸款前，應當對借款人的用途、能力、還款方式等進行嚴格審查。2.銀行面臨各種形式的法律風險，包括不充分或不正確的法律建議或文件，可能導致資產價值意外下降或負債價值意外增加。3.聲譽風險產生于經營失敗、未能遵守相關法律法規或其他來源。聲譽風險對銀行的損害尤其嚴重，因為其業務的性質要求維持存款人、債權人和整個市場的信心。4.權益資本有幾個目的:為股東提供永久收入來源，為銀行提供資金;可以承擔風險，吸收損失;為進一步增長提供了基礎;這也讓股東有理由確保該銀行以安全和穩健的方式管理。5.因此，資產質量和撥備充足率是銀行監管機構應特別關注的主要領域。他們需要充分了解個別銀行的資產質量，并對問題資產的撥備充足感到滿意。Chapter7SecuritiesI.Selectonebestanswer1.B2.C3.B4.C5.D6.D7.A8.D9.C10.DII.TranslatethefollowingparagraphstoChinese1.FinancialFutures金融期貨金融期貨合約是買賣雙方當日達成的、確定在將來某一時間進行某個特定證券與現金交易的合約。期貨合約的市場價值隨著時間的推移而隨著證券的市場價格變化而變化。因此，期貨合約是每天的“市場盯住”，以反映根據每一期貨合約最終交付的資產的現值，同時合約的一方或另一方（通常是經紀人）可能進行現金支付交易以防止可能的損失。金融期貨市場旨在將利率波動的風險從厭惡風險的投資者（如商業銀行）轉移到愿意接受這種風險并可能從中獲利的投機者。期貨合約是在有組織的交易所（如芝加哥貿易委員會或倫敦期貨交易所）進行交易的，在那里，場內經紀人執行公眾發給的指令，以最優惠的價格買賣期貨合約。2.OffshoreFinancialCenter(OFC)離岸金融中心離岸金融中心（OFC）可以定義為非居民進行的遠超國內經濟相關交易的一個管理權限。它們是通過提供有吸引力的稅收、法律和/或監管環境而發展起來的。特別地，例如對國際流動個體，在財富、遺產傳承，預提所得稅或資本利得稅方面，離岸金融中心有著非常便利的環境條件。在離岸金融中心，零或低直接稅可以吸引公司與非居民進行商業交易。III.TranslatethefollowingsentencesintoEnglish1．Generally,theobjectivesofthesecuritiestradingmechanismaremultiple,themainobjectivesareliquidity,stability,effectiveness.2．ThroughthefundmanagementapplicationandtheChinaSecuritiesRegulatoryCommissionapproved,closedfundsharescanbetradedonthestockexchange.Thefundshareofaclosed-endfundmaybelistedandtradedonastockexchangeuponapplicationbythefundmanagerandapprovalbytheCSRC.3.TheCommissionandtheSECchargesbelongtothesecuritiesinvestmentfundtransactionfee.4.Securitiesaccountincludesthreecategories：theRMBcommonstockaccount,RMBspecialstockaccountandsecuritiesinvestmentfundaccount.5．Thefundaccountcanbeusedforthesubscriptionandtradingoffunds,nationalbondsandotherbonds.6．CorporatebondsinChinareferstoallkindsofbondsissuedbyallownershipofenterprise.7．Companiesissuepreferredsharestopayfinancingcostsandpaydividendsregularly.8．Shareissuedpriceshallnotbelessthanparvalue.9．Marketriskisthemainriskofself-operationofsecuritiescompanies.10.Accordingtothevarietyofsecuritiestradingobjects,securitiestradingincludesstocktrading,bondtrading,fundtradingandfinancialderivativestrading.IV.Questionsfordiscussion（keypoint）1.Discussthemaindifferencesbetweenpreferencesharesandordinarymonstocktypicallycarriesvotingrights；Preferredstockreceiveacertainlevelofdividendpaymentsbeforeanydividendscanbeissuedtoothershareholders.Howmanylargershareholderstoalistedcompanyarethere?anindividualorcompany;privateandpublictradedcompanies;Thelargestshareholdersareoftenmutualfunds,and,especially,passivelymanagedexchange-tradedfunds.Talkaboutthemainstockmarketindexesintheworld.A“world”or“global”stockmarketindex—theMSCIWorldortheS&PGlobal100;A“national”index-heAmericanS&P500,theJapaneseNikkei225,andtheBritishFTSE100;regionalindices-NASDAQ-100Euronext100orOMXNordic40;theoriginaltotalmarketindex-Wilshire5000andIndexRusselGlobalIndexDiscussthemaindifferencesbetweenstockandbond.Stockholdersareinvestors,bondholdersarelenders;bondsusuallyhaveadefinedterm,stocksaretypicallyoutstandingindefinitely.Whataretheadvantagesoffund?Professionalinvestmentmanagersareabletoofferbetterreturnsandmoreadequateriskmanagement;Benefitfromeconomiesofscale;Increasetheassetdiversificationtoreducesomesystematicrisk.6.Discussthemaindifferencesbetweenopen-endedfundsandclosed-endedfunds.Aclosed-endfundissuesalimitednumberofshares,hasafixednumberofshareswhicharenotredeemablefromthefund,notcreatedbymanagerstomeetdemandfrominvestors.Anopen-endfundisequitablydividedintoshares,canissueandredeemsharesatanytime,usuallybeingtradablebetweeninvestors.Chapter8ForeignExchangeQuestionsfordiscussion（keypoint）Whyareexchangeratesimportant?Exchangerateaffectstheeconomyandourdailylives,affectedbytheeconomy.Howmanycommonmethodsaretheretoexpressaforeignexchangerate?directquotation;indirectquotationWhatdoyouthinkaboutaadjustablepegsystem?asystemoffixedexchangerates;between1994and2005,theChineseYuanrenminbi(RMB)waspeggedtotheUnitedStatesdollarat￥8.2768to$1.Howtomakemoneyformanytradersthroughforeignexchangemarket?Whenbanks,companies,andgovernmentsarebuyingandsellingcurrenciesinforeignexchangemarkets,arebuyingandsellingofbankdepositsdenominatedindifferentcurrencies.actuallymeanthatthebankisbuyingdeposits.Howmanykindsofparticipantsarethereinforeignexchangemarket?ForeignExchangeBank;CommercialCompanies;CentralBanks;HedgeFundsasSpeculators;InvestmentManagementFirms;RetailforeignExchangeTraders;Non-bankForeignExchangeCompanies.Whichfactorsaffectthedeterminationofforeignexchangerate?Economicfactorsinclude:economicpolicy,economicconditions;Politicalconditionsinternal,regional,andinternationalpoliticalconditionsandevents.Howmanykindsofforeignexchangerisksarethere?TransactionExposure;EconomicExposure;TranslationExposure;ContingentExposureII.TranslatethefollowingsentencesandpassageintoChinese1.外匯市場是外匯交易的場所，也是所有外幣交易的場所。2.外匯匯率是兩種貨幣之間的相對價值。特別的說，它是購買或出售另一種貨幣的一個單位所需的某種貨幣的數量。3.如果美元不用于表示匯率，則“交叉匯率”一詞通常用于表示兩種貨幣之間的相對值。4.如果一個在線貨幣交易者想在這個行業生存下去，他必須學會限制他的損失。這是智能理財的關鍵之一。5.多邊的貨幣交易頭寸損失比一次性全部交易頭寸損失更安全一些。6.外匯市場本身是一個以電話線和電腦連接的主要銀行間交易商的全球網絡系統。針對某個貨幣與特定貨幣的市場詢價報價，外匯交易員不斷地進行價格談判，然后將結果輸入計算機并在官方報價屏幕上顯示。III.TranslatethefollowingsentencesandpassageintoEnglish1．Theforeignexchangemarket,alsoknownasthe"Forex"or"FX"market,istheworld'slargestfinancialmarket,withandailyaverageofmorethan$6trillionturnover.2．"Foreignexchange"isthesimultaneouspurchaseofonecurrencyinapairofcurrenciesandsellanothercurrency.Foreigncurrencyistradedintheformofcurrencypairs,suchastheeuro/dollar(EUR/USD)orUSD/HongKongdollar(USD/HKD).3.Theforeignexchangetradingmarketisa24-hourglobaltradingmarket,themarketisstartingfromSydneyeveryday,andwiththerotationoftheearth,thebusinessdaysofeachfinancialcenterwillstartinturn,thefirstisTokyo,thenLondonandNewYork.4.Foreignexchangetradinginvestorsmayreacttimelytothecurrencyfluctuationswhichcausedbyeconomic,socialandpoliticaleventsduringthedayoratnight.5.Foreignexchangemarketisasupercounter(OTC)or"inter-bank"tradingmarket,becauseinfact,foreignexchangetransactionsaremadebytelephoneoranelectronictradingnetwork.Unlikestocksandfuturesmarkets,foreignexchangetrans